Updated Victorian
For Sale
$500,000
Pending
122 North 2nd Street, Mount Horeb, WI 53572
The second floor contains a full kitchen and laundry area for flexible household arrangements.
Property Size2,306 SF
Days on Market74
Property Features for 122 North 2nd Street
General Information
Standard status
Pending
Size
2,306 SF
Property subtype
Multi Family / 2 story
Zoning
RES
Taxes and HOA fees
Annual Taxes
$7,135
Amenities
Full, Poured concrete foundatn, Radon Mitigation System
Natural Gas
Forced air
Two of each: fridge, range/oven, washer, dryer, dishwasher, oven hoods. One: microwave, water softener, central AC on main level, AC wall unit in upper unit
2
1
Aluminum/Steel
Building Details
Year Built
1900
Units
2
Construction
Victorian
Listing Agency:
Sprinkman Real Estate
(608) 279-4313
Listed By:
Lori Schilling · License #81122-94
(608) 279-4313
Source:
Compass
Added: Jun 19
Changed: Aug 30
Last Checked: Aug 31 at 2:02AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Sprinkman Real Estate
Investment Insights
Based on property information with market context.
This duplex occupies a 2306-square-foot Victorian property built in 1900, combining original architectural character with updates to flooring, bathrooms, and landscaping. The second floor includes a full kitchen and laundry area, while the property is equipped with two refrigerators, ranges/ovens, washer-dryer sets, dishwashers, and oven hoods. A microwave and water softener are also included. The building has natural gas, forced-air heat, a poured concrete foundation, and a radon mitigation system. Central air serves the main level, with a wall-mounted AC unit in the upper unit.
Located at 122 North 2nd Street in Mount Horeb, the property is near Main Street, local parks, playgrounds, bike paths, and community events. Epic is within a 15-minute drive. The residential zoning designation is RES.
Located at 122 North 2nd Street in Mount Horeb, the property is near Main Street, local parks, playgrounds, bike paths, and community events. Epic is within a 15-minute drive. The residential zoning designation is RES.
Key Highlights
- 2306‑square‑foot duplex built in 1900
- Second‑floor full kitchen and laundry area
- Two refrigerators, ranges/ovens, washer‑dryer sets, dishwashers, and oven hoods
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,162
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$423,240
$423.2K
Cap Rate 7%
$302,314
$302.3K
Cap Rate 9%
$235,133
$235.1K
Market Conditions
NOI Build-Up for 2,306 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$31.8K $13.80/SF
− Vacancy
−$1.6K −$0.69/SF
EGI
$30.2K $13.11/SF
− OpEx
−$9.1K −$3.93/SF
NOI
$21.2K $9.18/SF
Area
Dane County, WI
Vacancy
5.00%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$423,240
Cap Rate 7%
$302,314
Cap Rate 9%
$235,133
Alternative Uses
Best Use
Multifamily LT 5
$302.3K
$264.5K – $352.7K
NOI $21,162 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$265.8K
$232.6K – $310.1K
NOI $18,604 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$535.9K
$468.9K – $625.2K
NOI $37,511 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
402
Businesses Nearby
Explore this area
Business Placement
Demographics for 53572, WI
10,549
Population
4,032
Households
2.6
Avg Household Size
41
Median Age
47%
College-Educated
97%
High-School Grad
99.1 sq mi
ZIP Area
106
Density / Sq Mi
$104,604
Median Household Income
$55,945
Median Earnings
$1,243
Median Rent
$381,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - The second floor contains a full kitchen and laundry area for flexible household arrangements.
Where is this duplex located?
The property is located at 122 North 2nd Street Mount Horeb, WI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 2306‑square‑foot duplex built in 1900; Second‑floor full kitchen and laundry area; Two refrigerators, ranges/ovens, washer‑dryer sets, dishwashers, and oven hoods
